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Business Interruption Prevention

Business loss prevention

As a business, dealing with any kind of loss or damage is a nightmare situation. And while mitigating and repairing what has happened is paramount, probably the worst part of it is the business interruption side of the situation. You’ve got your commercial insurance to cover the losses and help with getting your business up and running again. But this will obviously not happen overnight – what will happen in the meantime?

This can be a very scary prospect, especially if the pause in your operations could result in losing customers and losing revenue. This is why it’s important to take a proactive approach and prepare for the worst. This way, if misfortune befalls your organization, you will at least be in a better position to deal with the repercussions and get back up on your feet faster.

Preventing Business Interruption

Here are a few tips for preventing business interruption and getting your operations back up and running as quickly as possible…

~ Keep your accounting and bookkeeping up to date. It’s a good idea to employ the services of a professional accountant to handle things like the preparations of financial statements and the performance of an annual audit of your books. Having all of this information current and organized will be a major advantage when you have to make a business insurance claim. This is not the time you want to be scrambling to get your numbers in order.

~ While so much of business now revolves around digital information and storage, many businesses still have plenty of physical paperwork that is extremely important. Duplicate your business records and other important documents and store them off-site. This protects you in the event that your premises and contents are damaged. You will at least have the documents to substantiate any business interruption loss.

~ Does your business involve the services of suppliers? Think about what would happen if they suffered an interruption of their abilities to serve you. Maintain a list of other suppliers you could turn to in the event your primary supplier suffers a loss.

~ Be prepared with a plan of action as to how you will continue to serve your clients to help you avoid losing your customer base. So, for example, if your premises are being repaired after a loss, consider shifting things to temporary premises where you can resume operations immediately. Run through different loss scenarios and come up with a plan B.

~ And of course, do everything you can to make your place of business as safe and secure as possible. Check out these recommendations for preventing business crime  and click here to review our full list of business insurance tips.

Have any questions on preventing business interruption? Want more information on what kind of business insurance plan would best align with your organizational needs? Get in touch with one of our licensed brokers today!

 

Click here to get in touch with us for a business insurance quote or give us a call at 1-855-237-2905

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